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000-013 - Applying Fundamentals of Enterprise Solutions Using IBM - Dump Information

Vendor : IBM
Exam Code : 000-013
Exam Name : Applying Fundamentals of Enterprise Solutions Using IBM
Questions and Answers : 96 Q & A
Updated On : November 12, 2018
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000-013 Questions and Answers

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000-013 Applying Fundamentals of Enterprise Solutions Using IBM

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000-013 exam Dumps Source : Applying Fundamentals of Enterprise Solutions Using IBM

Test Code : 000-013
Test Name : Applying Fundamentals of Enterprise Solutions Using IBM
Vendor Name : IBM
Q&A : 96 Real Questions

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IBM Applying Fundamentals of Enterprise

IBM and VMware boost Partnership to accelerate commercial enterprise Hybrid Cloud Adoption and Digital Transformation | killexams.com Real Questions and Pass4sure dumps

more than 1,700 world businesses, including Banca Carige and CNH Industrial adopt IBM Cloud and features for VMware options

BARCELONA, Spain, Nov. 06, 2018 (GLOBE NEWSWIRE) -- these days at VMworld® Europe 2018, IBM (NYSE: IBM ) and VMware, Inc. (NYSE: VMW) introduced new choices to assist speed up commercial enterprise hybrid cloud adoption. This contains a brand new IBM capabilities providing to aid migrate and lengthen mission-crucial VMware workloads to the IBM Cloud, and new integrations to aid firms to modernize applications with Kubernetes and containers.

so far, the IBM and VMware partnership has helped more than 1,seven-hundred corporations together with Banca Carige and CNH Industrial undertake IBM Cloud for VMware options.

according to analysis from Ovum, while 20 p.c of company techniques have already moved to the cloud, 80 % of mission-important workloads and delicate data are still working on-premises on account of performance and regulatory requirements [1]. corporations need an open, hybrid cloud method to setting up, running and deploying applications in a multi-cloud environment. IBM and VMware are supplying new options to aid organizations speed up hybrid cloud adoption with out incurring the can charge and risk customarily associated with retooling operations, re-architecting applications and re-designing safety policies.

As a part of these days’s information, IBM is enabling a completely automatic, particularly available managed world cloud architecture for mission-vital VMware workloads designed to help enterprises evade downtime for cloud functions and automate failovers within an IBM Cloud location. This architecture can be managed by way of IBM features and might be deployed across IBM Cloud’s 18 availability zones in the U.S., Europe and Asia-Pacific.

Mission-critical workloads are defined as standard to the survival of the business and so essential that outages have an effect on company integrity. The IBM solution is designed to support these workloads at a targeted mixture availability bigger than many valued clientele can at present obtain with on-premises environments. The answer comprises IBM Cloud infrastructure, VMware software-described statistics middle technologies, Intel® Optane™ DC SSD and IBM features that cowl quite a lot of commercial enterprise wants including networks, storage, resiliency and different tools developed for monitoring and troubleshooting cloud purposes.

moreover, IBM and VMware introduced new technology collaborations to assist companies to modernize purposes with containers in spite of whether they are deploying on-premises, in the inner most cloud or in the public cloud.

IBM Cloud inner most Hosted can now be put in on VMware vCenter Server on IBM Cloud, which supports the management and orchestration of virtual machines and containers within a standard protection model and personal network. With IBM Cloud private Hosted on VMware vCenter Server, customers can containerize stateless add-ons of a virtualized application whereas holding stateful accessories akin to databases within the virtual machine. It additionally enables purchasers to modernize applications with the IBM Cloud private catalogue of services including Blockchain, AI and experience functions, among many others.

in addition to IBM Cloud inner most Hosted, IBM Cloud for VMware options are now integrated with the IBM Cloud Kubernetes carrier, which offers a totally managed Kubernetes atmosphere so purchasers can concentrate on software building.

To deliver a unified networking solution which will bridge IBM Cloud deepest and the IBM Cloud Kubernetes service, IBM is increasing use of virtual cloud networking with the adoption of VMware NSX-T statistics middle. as the foundation for a utility-based mostly network structure that can provide capabilities to applications and statistics anywhere they are located, NSX-T provides consistent networking and security for all deployment models, including VM, containerized and naked metallic. NSX-T has been validated by way of IBM as a supported community stack for IBM Cloud private.

To support on-premises workloads, VMware vRealize Operations is now attainable on IBM power techniques. With VMware vRealize Operations for energy, IT managers can monitor a heterogenous infrastructure from a single dashboard, enabling them to extra efficaciously allocate resources and free them from the time-consuming manner of switching between assorted tools to manipulate a sprawling infrastructure.

IBM and VMware additionally introduced that VMware will use Watson to support increase client provider across VMware guide portals. as a substitute of static drop downs, now VMware consumers can leverage Watson to right away and easily talk with the portal in herbal language. Watson is designed to detect product class and version, analyze concerns and match these issues with an expert engineer for sooner resolution and an improved consumer assist experience.

IBM and VMware continue to be dedicated to offering new solutions and functions to assist businesses advance their cloud experience. today at VMworld Europe, VMware CEO Pat Gelsinger, and Arvind Krishna, Senior vice president, Hybrid Cloud, introduced on stage the formation of a Joint Innovation Lab with dedicated engineers a good way to bring much more video game altering solutions and features.

“The VMware and IBM partnership builds upon the strengths of each groups. VMware is relied upon by means of essentially every gigantic business these days, together with 100% of the Fortune 100. these days these businesses can effortlessly and securely lengthen these workloads into IBM’s world public cloud the use of Hybrid Cloud Extension for enormous-scale bulk migration and bi-directional software mobility,” noted Pat Gelsinger, chief government officer, VMware. “Now with the latest advancements in our relationship, we’re making it possible for customers to stream, modernize and operate any application – VM or containerized, natural or mission-important – within the IBM Cloud.”

“nowadays’s announcement is a testomony to our a success and lengthy-standing partnership with VMware that has yielded brilliant business results for thousands of purchasers globally on their course to digital transformation,” pointed out Martin Jetter, senior vp, international technology services, IBM. “With these new functions and options, corporations can migrate and modernize their most critical VMware workloads on the IBM Cloud in a totally comfortable, open, multi-cloud environment. Our goal is to support customers reduce chance and prevent any disruptions in a cloud ambiance so that you can remain laser concentrated on innovation.”

global corporations Adopting IBM Cloud for VMware solutions for Hybrid Cloud StrategyAdoption of IBM Cloud for VMware solutions continues to develop as corporations embrace hybrid cloud innovations to help them generate new company cost from their records.

CNH Industrial, a leader in the capital goods sector working in the agricultural and construction device, business vehicles, forte vehicles and powertrain segments, has signed a multi-year cloud settlement with IBM. As a part of its cloud strategy, CNH Industrial will prolong VMware workloads from on-premises infrastructure to the IBM Cloud to provide improved flexibility, can charge efficiencies, output resilience and consistency in conducting its operations to supply most appropriate in type customer service. during the cloud agreement, CNH Industrial will additionally use IBM Cloud inner most and Watson artificial Intelligence to transform its enterprise approaches.

Banca Carige, one of the vital main Italian banking companies with more than 500 years of way of life, 519 branches and over 1 million purchasers, is adopting a hybrid cloud approach to simplify its IT atmosphere and optimize its functions as it evolves right into a digital bank. Banca Carige will use IBM Cloud for VMware solutions across public and personal cloud environments to allow the adoption of huge data methodologies, analytics and cognitive equipment, with the purpose of enhancing business competitiveness.

About IBM CloudWith $19B in annual cloud income, IBM is the world chief in business cloud with a platform designed to meet the evolving wants of business and society. moving past productiveness and price advancements, the IBM Cloud is tuned for the AI and records demands that are riding real differentiation in ultra-modern business. IBM's private, public and hybrid choices provide the world scale groups deserve to aid innovation throughout industries.

About VMware VMware application powers the world’s complex digital infrastructure. The company’s compute, cloud, mobility, networking and safety offerings supply a dynamic and effective digital groundwork to over 500,000 consumers globally, aided by means of an ecosystem of 75,000 partners. Headquartered in Palo Alto, California, this yr VMware celebrates twenty years of breakthrough innovation benefiting enterprise and society. For greater suggestions, please seek advice from https://www.vmware.com/enterprise.html.

VMware, VMworld, vCenter, vCenter Server, NSX-T, NSX-T information middle, vRealize, and vRealize Operations are registered emblems or logos of VMware, Inc. or its subsidiaries within the united states and different jurisdictions.

this article may also include hyperlinks to non-VMware websites that are created and maintained via third parties who are completely responsible for the content on such sites.


IBM/pink Hat - The Calculus Of The Cloud Stays The equal | killexams.com Real Questions and Pass4sure dumps

1.0 govt summary

Getting correct to the point, I’m skeptical that the red Hat (RHT) acquisition goes to be meaningful over the long-term for IBM’s (IBM) company or share price. I fear that purple Hat can also finish up being IBM’s (greater precisely Ginni Rometty’s) “Compaq”, as in Hewlett-Packard’s (NYSE:HPE) questionable buy of that company years ago.

The argument that the “sum” of IBM + RedHat is greater than the particular person materials is not peculiarly effective for my part. i am struggling to consider the entertaining value proposition offered with the aid of the mixed corporations after analyzing the transcript of the analyst convention name that followed the announcement. specially, the conventional concept that the joint expertise stacks by some means radically alternate the “calculus of the cloud” just doesn’t make experience to me. for this reason, whereas some analysts have expressed subject over the $34 billion expense tag, my focal point right here is notably on IBM’s expertise arguments and market chance arguments used to justify the purchase.

As a disclosure, I took place to dispose of my last place in IBM in October of this year, as I begun shedding shares a short while after I wrote IBM – A Turning or Sinking Ship in 2017. I additionally labored for IBM years ago within the methods management division, lengthy earlier than the note “cloud” existed in the terminology of typical assistance expertise.

in the sections that follow, any referenced costs are pulled from the in the hunt for Alpha transcript of IBM and pink Hat’s analyst conference name which followed the acquisition announcement, until otherwise cited. I’m also attaching the transcript to this document for comfort.

2.0 WHICH CLOUD IS IT

Ginni Rometty notes that “[IBM] could be the undisputed number [1] leader in hybrid-cloud….[with the acquisition of] pink Hat, the world’s leading issuer of open-cloud answer[s] and the rising chief in the platform for hybrid-cloud and multi-cloud.” Ms. Rometty, and different individuals on the analyst call, use “hybrid-cloud” and “multi-cloud” terminology a little interchangeably; however, I believe some definition is useful to add some precision to our analysis.

Wikipedia offers a pleasant, succinct definition of multi-cloud:

Multi-cloud is the use of diverse cloud computing and storage capabilities in a single heterogeneous structure.

We notice that in a multi-cloud structure, the clouds will also be public, private, or some mixture of each.

And here is IBM’s definition of “hybrid-cloud”:

A hybrid cloud makes use of a non-public cloud foundation mixed with the strategic integration and use of public cloud features.

So, a hybrid-cloud uses as a minimum one inner most cloud, together with as a minimum one public cloud and accordingly is pretty characterised by a private-public structure. we are able to then suppose of a hybrid-cloud as a form of a multi-cloud.

Multi-Cloud and Hybrid-Cloud Diagram

source: Yves Sukhu

This difference is slightly vital given that IBM stresses its skill to chiefly catch a huge share of the growing to be hybrid-cloud structure market via purple Hat’s applied sciences.

three.0 QUESTIONABLE ASSUMPTIONS

With our definitions in hand, let’s assess why IBM is doing this deal. individually, the causes expressed on the analyst call boil right down to an acquisition predicated upon three leading assumptions:

  • together, there is a special synergy between IBM and pink Hat’s expertise stacks such that the combination offers mighty differentiation in the areas of hybrid-cloud and multi-cloud computing versus competing options from the likes of AWS (AMZN), Microsoft Azure (MSFT), Google Compute (GOOG), and so on.
  • Hybrid-cloud and multi-cloud computing solutions will (doubtless) drive larger deal sizes and be more profitable for IBM, with many enterprise customers simply beginning to move the majority of their functions to heterogeneous cloud architectures.
  • The hybrid-cloud market is going to be price $1 trillion.
  • absolutely, any flaws in these assumptions would weaken the premise for the deal itself. Let’s assess each.

    three.1 FIRST ASSUMPTION: something OPEN, whatever thing interesting?

    Ginni Rometty presents traders right here consumer requirement as a basis for the marriage with red Hat:

    “…The number 1 component [customers are] announcing to us is, hey, we – these other clouds, they’re proprietary. We want an open answer [with] no lock-in. So flow it throughout assorted cloud environments with out a lock-in, [that’s] what both of us do collectively…after which they are saying, it has got to handle facts protection in a multi-cloud environment after which give us a method to manipulate a multi-cloud atmosphere.”

    There are just a few issues to unpack here. Ms. Rometty suggests that “different” clouds are proprietary and there is a consumer requirement for “an open answer”. I don’t exactly bear in mind what she’s getting at here. She implies within the quote that valued clientele get “locked in” with (definite) cloud environments; however, instead, these valued clientele are looking to be capable of circulation their applications without difficulty from cloud to cloud. i'm scratching my head because what Ms. Rometty’s “purchasers” are calling lock-in looks to be related to their application architecture, and never the cloud atmosphere they are running on. A poorly designed cloud application can be challenging to flow no rely what cloud it's running on. The converse is additionally authentic: a well-designed cloud application will be convenient(ier) to movement from one cloud to yet another. I imagine many readers are usual with the conception and technology of containers, similar to Docker. For readers that can be unfamiliar with the term, I present a simple if a bit imprecise clarification: containers supply a way to package the entire “ingredients” that an utility must run:

    Illustration of Container thought

    supply: Docker/Datamation

    As we see in the illustration above, a container can “comprise” anything an application needs to function. In slightly of an over-simplification, if we are looking to stream a containerized-application from one cloud to an additional, we just “lift” the container up from its existing cloud and drop the container on the new cloud. Readers who may additionally now not be regularly occurring with Docker and its container technology may have an interest to observe that it started as, and is, an open-source utility venture; the enterprise also raised capital in late 2017 at a $1+ billion valuation.

    So, expanding on the utility of containers:

    “traditionally, functions or workloads frequently needed to be rebuilt before they may be migrated to a different environment. The answer to this is container technology. due to the fact containers are isolated from neighboring containers and include every little thing they deserve to run the application, that you could comfortably movement them to an extra [cloud] ambiance devoid of compatibility problems.”

    source: Kumina

    As this Datamation article notes, “it become…the…users [of cloud services] who demanded that this know-how exist inside public clouds that drove the [container] innovations that now exist.” In other phrases, clients wanted a less complicated way to kit and stream their applications between clouds; and that in turn spurred the general public cloud suppliers (AWS, Azure, Google, IBM, and so forth.) to deliver container deployment features and services.

    One closing element to make about containers is that functions may additionally include a few containers, through which case container orchestration utility is used to automate and simplify the management of all these containers. Kubernetes, another open-source venture at the start started at Google, is among the universal orchestration programs (with Docker Swarm as an example of another).

    Coming back to Ms. Rometty’s factor that purchasers don’t are looking to be “locked in” and in its place want to be in a position to movement applications throughout distinctive cloud environments, they (customers) can certainly try this these days if they design and installation their functions as it should be, with containers for instance of one know-how that may also be fairly effective. She, in reality, makes this very element stating “…[We] have been constructing and we have been very concentrated on hybrid and multi-cloud…in keeping with open technologies. So we’ve developed on containers, Kubernetes…[and] multi-cloud supervisor turned into just introduced ultimate week…” but, let’s be clear: the different predominant cloud service suppliers (e.g. Amazon, Microsoft, etc.) also offer container and container orchestration capabilities. consequently, the IBM Cloud isn't in simple terms differentiated on this point; yet, with the crimson Hat acquisition, IBM does attain red Hat OpenShift which offers value-added functionality constructed around Docker and Kubernetes. while there changed into no designated dialogue on the analyst name, perhaps IBM believes that its existing container management and cloud management capabilities might be augmented in such a way by means of OpenShift as to leapfrog the competition when using the “married” technologies for multi-cloud environments. but, if that’s authentic, why no longer specifically speak about the capabilities that the combined groups will have that can be advanced to others?

    Frankly, it looks to me that IBM’s existing cloud capabilities introduced to OpenShift don't seem to be going to be a enormous “online game changer”. firstly, any integration between IBM’s cloud know-how stack and red Hat’s will make the effort; time which competitors will actually use to their capabilities to be certain they don't seem to be left behind. second, I’ve already referred to that OpenShift is in keeping with Docker and Kubernetes which capacity pink Hat’s value-add is constructed around the same core used by means of many others; but, the competition has and may continue to boost identical price-added choices as neatly. Third, if there became some “killer” set of cloud functionalities that the mixed stacks would generate, I’d like to feel the organizations would have made that clear; however they haven't (as a minimum now not yet). Fourth, there's nothing that “ties” OpenShift to the IBM Cloud; accept as true with that crimson Hat’s personal OpenShift deployment “choices” page – which I captured presently after the deal announcement – definitely highlights AWS as a deployment platform:

    pink Hat OpenShift Deployment Tiers

    supply: purple Hat

    Now, pink Hat also offers OpenStack, according to yet another set of open-source technologies, which may also be used via businesses to construct out their own private clouds and has synergy with Ansible, pink Hat’s language for DevOps. OpenStack therefore helps IBM’s initiatives round hybrid-cloud deployments. however, as with OpenShift, I’m no longer completely satisfied that placing this answer under an IBM umbrella goes to lead to a enormously differentiated offering, nor to a sudden acceleration of private cloud adoption among commercial enterprise valued clientele. First off, IBM already had its own solution stack in this area, IBM Cloud private. when you consider that IBM expressed such bullish sentiment in regards to the hybrid-cloud market on the analyst call, I’m truly a little surprised this certain answer providing was no longer mentioned all through the call. Assuming the hybrid-cloud enviornment is as “scorching” as IBM suggests, one may expect that IBM private Cloud has been selling smartly; why now not name consideration to the expertise then? here's perhaps a refined element and could be an flawed extrapolation on my part, nonetheless it leads me to wonder if the hybrid-cloud market is as mighty as IBM suggests it is, and will be. additionally because the previously linked article notes, IBM is not on my own with an offering here, nor had been they “first” to market with one. Microsoft introduced Azure Stack over a yr earlier than IBM brought its competing answer to market. IBM could argue that Azure Stack, as an instance, is proprietary whereas their open-supply platform offers purchasers all of the freedom and advantages that open-supply solutions deliver. It’s a profitable argument, and it may well greater strongly help Ms. Rometty’s comment that customers don’t need to be locked-in. in any case, with an open-source-primarily based deepest cloud platform, a customer can regulate and lengthen it as they desire, which obviously isn't possible to the identical extent with a closed answer. it could were effective if IBM provided some information features to be mindful if a fashion towards open-supply exists in the hybrid-cloud market, and mainly for private-cloud deployments. in the absence of particulars, i'm left slightly skeptical that purple Hat OpenStack is going to materially exchange the “electricity” of IBM’s hybrid (private/public) cloud providing.

    If we tie all of this returned to Ms. Rometty’s quote firstly of the part, it looks to give a boost to that customer comments round “an open [cloud] solution without a lock-in” look somewhat invalid when due to the fact that the applied sciences (e.g. containers, orchestration) which have already developed to give cloud users with the utility portability that they desire. The remark has superior validity when one considers the architectural percentages of a personal cloud inside a hybrid-cloud ambiance; but, as I argue above, there seems to be an absence of records which might suggest purchasers lean towards non-proprietary (e.g. open-supply-primarily based) deepest cloud deployments.

    To summarize, I don’t (presently) see anything truly unique that emerges through a mix of both businesses’ cloud stacks. To be fair, the organizations want time to improve tightly integrated options, and IBM is yet to practice the energy of its development company against purple Hat’s applied sciences. but, if I’m appropriate that “there isn't a great deal to look here” when it comes to the joint stacks, this perception would, of route, at once undermine Ms. Rometty’s suggestion that both corporations may be a transparent chief, principally in hybrid-cloud options.

    3.2 2nd ASSUMPTION: consumers are just GETTING started

    Ms. Rometty mentions, more than as soon as, that we're entering a 2d section of cloud adoption (“chapter 2” as she calls it). within the first section, valued clientele moved their “simplest” workloads to the cloud with a cost-savings focal point. These workloads represented the regular Pareto-rule 20% of client functions; and thus, 80% of applications continue to be to be transitioned to the cloud. Ms. Rometty states:

    “[Customers have] got to move [these remaining 80% of applications]. They both have to rewrite, refactor, come to a decision what goes where, at ease the statistics. These are inhibitors that stop them from going [to the cloud]. So here's best going to be finished this flow to the eighty%, in case you can move facts and applications throughout assorted cloud[s], make that moveable…”

    She continues…

    “but this is an inflection aspect, and if [customers are] going to get past that and flow the other 80% which is about all their strategies and their records they need what we’re going to present together, this effective environment. And so this 80% is…about…unlocking business price…the ordinary valued clientele has a thousand application[s] and the ordinary client already has 5…that we see some as many as many as 16 clouds.”

    the primary comment, “[customers have] obtained to circulate…”, is worth debating. logic tells us that no longer all purposes are necessarily a fine healthy for a cloud deployment for any number of explanations: required dependencies aren't conveniently replicated in a cloud atmosphere, security considerations, lack of cost-savings, and so on. So, customers actually don't have to flow the bulk of their functions to a cloud architecture. despite the fact, in all probability Ms. Rometty is enjoying just a little together with her words, and is saying with a bit of of “dressing” that the vogue towards cloud adoption will continue…which it naturally will.

    however, I feel there's room to problem what she says in the following few statements. She explains that “[customers] either must rewrite, refactor, make a decision what goes where…” indeed, IBM and other technology suppliers will, as they have already got, be afforded with opportunities to aid consumers migrate definite functions to cloud environments. That’s respectable information for IBM’s very massive service company, and there is intent to think the services group will benefit just a little from the crimson Hat buy. These opportunities essentially definitely grow in scope and salary/profit expertise to the extent that these applications are migrated to particularly disbursed models working on (probably) heterogeneous cloud systems (e.g. multi-cloud). So, I believe Jim Kavanaugh, IBM’s CFO, appropriately brought up that “[distributed cloud solutions] speeds up our combine shift to larger value...and is accretive to our gross profit margin…”

    but, there is a counter-argument to agree with right here. instead of rewriting/refactoring current legacy applications, purchasers may also as a substitute choose “off-the-shelf” solutions (SaaS or in any other case) which might also show to be more cost-effective, modern, and more straightforward to retain. as an example, Salesforce.com (CRM) and Workday (WDAY) actually didn’t obtain their market penetration as a result of clients opted to remodel any homegrown CRM and HR applications respectively. sadly, IBM doesn’t talk about the COTS method and its competencies influence on their projections for becoming their cloud related revenues.

    relocating to IBM’s declare that multi-cloud environments can be extra generic sooner or later, as per Ms. Rometty’s commentary that “the typical customer already has 5 [clouds]…”, there is some data to backup what the business is saying right here: a TechRepublic survey from 2017, for example, cited that the majority of companies surveyed had already adopted a hybrid-cloud architecture. but, we know that IT tends to movement in cycles. consider about what happened with the customer-server computing paradigm the place “server sprawl” at last gave solution to server clarification and a push for homogeneity among methods. Is it now not possible that we might also see whatever identical with cloud, where shoppers “wake up” in the future and ask themselves why they've 5 clouds once they can be able to function with 1? accept as true with some of the leading requisites for the Pentagon’s current $10 billion JEDI cloud challenge: they are (for the second) insistent that the assignment award and associated computing workloads will go/run on a single cloud. As readers may additionally be aware of, IBM is likely one of the bidders on the venture and formalized their objection to the govt Accountability office (GAO) for the requirement of a homogenous cloud atmosphere. Assuming the Pentagon receives its method and is successful with its deployment, if the branch of protection (DOD) can operate on a single cloud, then why does a given enterprise want upwards of sixteen clouds (the usage of the “intense” illustration from IBM’s quote)?

    The overarching theme here is that Ms. Rometty’s position that the “final” 80% of legacy client purposes are just ready to be moved right into a multi-cloud ambiance has vulnerable features. even if it had been powerful, I’m now not sure IBM necessary to spend $34 billion on red Hat to capture these opportunities. I already argued within the old section that IBM had current capabilities in the identical cloud know-how areas the place purple Hat operates. If we feel about Ms. Rometty’s remark about “rewriting/refactoring”, what does crimson Hat present right here that IBM doesn't have already got? this is work that sits squarely in the area of IBM’s capabilities group; a gaggle that might “plug in” red Hat’s expertise, or every other cloud technology, where it makes feel according to client requirements.

    but, the pink Hat acquisition apart, if it turns out that multi-cloud architectures ultimately “reduce” to easier, single cloud environments which supply sufficient robustness and reliability to fulfill most customer requirements, then this “cloud clarification” could have a dramatic have an impact on on IBM’s exact-line and backside-line boom forecasts considering that the business is tying both metrics above all to its chance with “high-cost” multi-cloud options.

    3.three THIRD ASSUMPTION: IS $1 TRILLION FOR HYBRID-CLOUD sensible?

    Ms. Rometty asserts that the marketplace for hybrid-clouds will develop to over $1 trillion. She states:

    “And to lead within the 2nd chapter, this is going to be about hybrid-cloud. In hybrid-cloud is an rising $1 trillion market…I imply what we did became appear and we see a scale of a $1 trillion market…We said to ourselves and constantly kept asserting: What will we do improved to address the needs of our consumers? How do we accelerate our skill to head after that? And realizing and there’s in fact an important aspect, knowing that Linux is the fastest becoming platform obtainable. And this just this year, it grew to be the #1 platform both on-prem and in the cloud.”

    throughout the analyst name, there become no mention of exactly when the market for hybrid cloud is anticipated to reach $1 trillion in price, nor the CAGR for this particular section of the typical cloud market. I struggled to discover good data in guide of IBM’s projection here, although Market research Media presents a forecast of $1 trillion for the whole cloud market by 2024. apparently, the Market research Media file synopsis highlights the quick becoming/high priority technology segments inside the cloud market, but multi-cloud and hybrid-cloud are not outlined in that context. this text, which changed into referenced in part 3.1, charges IBM in 2017 as saying “they predict companies to spend greater than $50 billion a year worldwide starting [in 2017] to develop inner most clouds, with the boom cost hitting 15 to twenty p.c a year through 2020.” using those figures as a proxy for the normal hybrid-cloud market, it will absolutely take rather some time to reach $1 trillion in complete cost even on the excessive end of the increase latitude.

    One component technology leaders appear to be mainly decent at is coming up with very huge numbers when describing their complete addressable market (TAM). Admittedly, I’m no longer certain if IBM’s estimate is practical here or now not given that…who actually knows presently how large the hybrid-cloud market might develop into? In aid of IBM’s forecast, the up to now mentioned article notes that “prior [in 2017], IDC analysts launched a survey that indicated that basically 80 percent of tremendous organizations with 1,000 or greater employees already have a hybrid cloud approach in vicinity. moreover, 51.four percent are the usage of both public and personal cloud infrastructures, and 29.2 % expect to do the same inside the subsequent yr.” These metrics are valuable to guide IBM’s argument, however they may even be interpreted to indicate that almost all significant consumers have already got a hybrid-cloud in place, and as a result new hybrid-cloud deployments could actually reduce moving forward. additional, if we don't forget the dialogue in area three.2 round purchasers identifying COTS/SaaS functions, as well as the possibility that single cloud architectures could sooner or later set up themselves because the dominant mannequin, then it’s conceivable that a $1 trillion hybrid-cloud market may additionally not materialize.

    four.0 CONCLUSION

    “Whoa” changed into supposedly Steve Ballmer’s (former Microsoft CEO) reaction upon hearing about the IBM-pink Hat deal. in all probability that single notice optimum describes the existing sentiment of many others.

    The leading thrust of what I’ve offered in this article is that i am nevertheless struggling to remember what key applied sciences IBM receives with crimson Hat that they didn’t already have, and why they felt they necessary to spend 1/3 of their market cap on a company that is just producing a number of hundred million in cloud answer salary (although their increase cost is excessive). nevertheless, the “math” doesn’t add up for me, although perhaps it will in time as IBM and purple Hat greater explain their wonderful value proposition.

    Readers may also rightfully element out that I’ve left out the prospects for red Hat Linux and their middleware stack below IBM in my evaluation. In regard to the latter, I believe IBM’s possession of red Hat’s middleware stack is likely to create some confusion, at least in the brief term. IBM and crimson Hat will most likely have to work out the way to position WebSphere versus JBoss. And as different authors have cautioned, purple Hat business Linux (RHEL) could at last supplant AIX as IBM’s de facto UNIX distribution. The linked migration work would presumably power a fair volume of technology and help services. Ms. Rometty mentioned in one of the prior to now outlined rates that Linux is the fastest growing working system in the cloud and on-premise. however, notice that she didn't say that RHEL is the fastest growing to be Linux distribution. To that conclusion, there is a few statistics suggesting that Ubuntu is growing faster within the business Linux segment. with out extra information from IBM and purple Hat, it’s definitely reasonably difficult to quantify the affect of red Hat’s Linux and JBoss product sets to IBM over the long-term.

    As outlined, I expect that IBM and pink Hat will deliver more advantageous readability on the strategic cost-add of the two groups as we stream into 2019, and the way they intend to combine their stacks to better compete against the likes of AWS, Microsoft, and Google. i'm hoping they do; as a result of evidently traders will send the stock reduce (than it already is) if most develop into satisfied the sum of the groups lacks incremental value. Yet, at the same time as IBM/pink Hat provide extra particulars to the market, as I’ve outlined herein there are a few counter-arguments which undermine the assumptions that this deal relies upon. in my view, the calculus of the cloud stays the same for the time being.

    assisting documents

    ibm_redhat_acquisition_transcript.pdf

    Disclosure: I/we haven't any positions in any stocks outlined, and no plans to initiate any positions in the next 72 hours.

    I wrote this text myself, and it expresses my very own opinions. i'm not receiving compensation for it (apart from from seeking Alpha). I have no company relationship with any company whose inventory is mentioned in this article.


    IBM to acquire purple Hat for $34 Billion -- Wow | killexams.com Real Questions and Pass4sure dumps

    IBM has announced its commonly sudden intention to purchase purple Hat. For me and others I’ve spoken to, this is a fine looking event that represents more than the $34B guess that IBM just positioned on cloud and open source. but don’t take that perception on my be aware alone. IBM CEO Ginni Rometty used these phrases on the fiscal analyst name the morning after the announcement:

    “this is a online game changer.”

    “It’s about resetting the cloud landscape.”

    “We might be the #1 leader in hybrid cloud.”

    “we've been building our business for this moment.”

    “it'll raise all of IBM.”

    Wow.

    Former CEO Lou Gerstner’s outsider notion of IBM changed into of an organization that, early on, had built its company promoting computing as a product as adversarial to computer systems but along the style had lost that core imaginative and prescient. His contribution was IBM’s massively a hit global functions business that, once again, sold computing to the enterprise.When CEO Rometty says that IBM has been building its company for the moment when it acquires a premier open source software business so one can carry all of IBM, one might rightfully conclude that she has a brand new vision for the business’s future. but will paying the equal of 1/5th of IBM’s valuation on crimson Hat’s management in Linux, containers and open source software development application lay the foundation for an additional IBM transformation?

    Containers

    The IBM acquisition of red Hat will also be compared to EMC/VMware. EMC bought VMware for a song (about $350M) because it noticed the big abilities in x86 infrastructure virtualization stronger than any one else on the time, together with IBM who invented the concept of virtualization on its mainframes.  Container virtualization is now favored by cloud-native application builders over VMware VMs for simplicity, portability and lessen charge. Containers are more liked for cloud-native software building and purple Hat is on the vanguard of the enterprise containerization move with OpenShift (containers plus Kubernetes). red Hat OpenShift is now the premier commercial enterprise container platform and IBM owns it. despite the fact, OpenShift is deeply rooted in open supply and that might latest problems.

    Open supply

    Open source is a method to strengthen expertise devoid of building-in proprietary barriers. nevertheless it is additionally a enterprise proposition—a means to latest and consume expertise without proprietary obstacles. IBM historically embraced open computing technologies. It played a major position in making Linux an commercial enterprise normal working device. And it continues lively participation in a few open source communities. besides the fact that children, the open supply movement was additionally headquartered on the hope of liberating computing from the hegemony of huge, dominant carriers with proprietary company practices. pink Hat’s valued clientele and company companions are equally cognizant of that aspect of open source and will appear to look if IBM will uphold what red Hat has called the open source manner—delivering items and services the use of an open and collaborative company mannequin.

    An Inflection point

    Ginni Rometty called the red Hat acquisition “an inflection factor.” I agree. basically, I see this acquisition as a watershed moment in commercial enterprise computing heritage. The identical IBM that invented the glass apartment now can pay a fifth of its value for a corporation that owes its origins to open source revolutionaries. It does so so as to further radically change itself within the course that business it's now moving. And $34B says that IBM need to be reasonably certain red Hat will get them there.

    but what does this acquisition say about pink Hat and open supply in universal? With amazing positions within the ascendency of containers, cloud computing and cloud-native builders, red Hat executives sooner or later decided that IBM's providing fee become worth greater than the chance earlier than them.


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    IBM/Red Hat - The Calculus Of The Cloud Stays The Same | killexams.com real questions and Pass4sure dumps

    1.0 EXECUTIVE SUMMARY

    Getting right to the point, I’m skeptical that the Red Hat (RHT) acquisition is going to be meaningful over the long-term for IBM’s (IBM) business or share price. I fear that Red Hat may wind up being IBM’s (more precisely Ginni Rometty’s) “Compaq”, as in Hewlett-Packard’s (NYSE:HPE) questionable purchase of that company years ago.

    The argument that the “sum” of IBM + RedHat is more than the individual parts is not especially strong in my view. I am struggling to understand the unique value proposition offered by the combined companies after reading the transcript of the analyst conference call that followed the announcement. Specifically, the general idea that the joint technology stacks somehow radically change the “calculus of the cloud” just doesn’t make sense to me. Accordingly, whereas some analysts have expressed concern over the $34 billion price tag, my focus here is mainly on IBM’s technology arguments and market opportunity arguments used to justify the purchase.

    As a disclosure, I happened to eliminate my remaining position in IBM in October of this year, as I began shedding shares a short time after I wrote IBM – A Turning or Sinking Ship in 2017. I also worked for IBM years ago within the systems management division, long before the word “cloud” existed in the terminology of common information technology.

    In the sections that follow, any referenced quotes are pulled from the Seeking Alpha transcript of IBM and Red Hat’s analyst conference call which followed the acquisition announcement, unless otherwise noted. I’m also attaching the transcript to this report for convenience.

    2.0 WHICH CLOUD IS IT

    Ginni Rometty notes that “[IBM] will be the undisputed number [1] leader in hybrid-cloud….[with the acquisition of] Red Hat, the world’s leading provider of open-cloud solution[s] and the emerging leader in the platform for hybrid-cloud and multi-cloud.” Ms. Rometty, and other participants on the analyst call, use “hybrid-cloud” and “multi-cloud” terminology somewhat interchangeably; but, I think some definition is useful to add some precision to our analysis.

    Wikipedia provides a nice, succinct definition of multi-cloud:

    Multi-cloud is the use of multiple cloud computing and storage services in a single heterogeneous architecture.

    We note that in a multi-cloud architecture, the clouds can be public, private, or some combination of both.

    And here is IBM’s definition of “hybrid-cloud”:

    A hybrid cloud uses a private cloud foundation combined with the strategic integration and use of public cloud services.

    So, a hybrid-cloud uses at least one private cloud, along with at least one public cloud and thus is distinctly characterized by a private-public architecture. We can then think of a hybrid-cloud as a form of a multi-cloud.

    Multi-Cloud and Hybrid-Cloud Diagram

    Source: Yves Sukhu

    This distinction is somewhat important given that IBM stresses its ability to particularly capture a large share of the growing hybrid-cloud architecture market via Red Hat’s technologies.

    3.0 QUESTIONABLE ASSUMPTIONS

    With our definitions in hand, let’s examine why IBM is doing this deal. In my opinion, the reasons expressed on the analyst call boil down to an acquisition predicated upon three main assumptions:

  • Together, there is a unique synergy between IBM and Red Hat’s technology stacks such that the combination provides strong differentiation in the areas of hybrid-cloud and multi-cloud computing versus competing solutions from the likes of AWS (AMZN), Microsoft Azure (MSFT), Google Compute (GOOG), etc.
  • Hybrid-cloud and multi-cloud computing solutions will (likely) drive larger deal sizes and be more profitable for IBM, with many enterprise customers just starting to move the bulk of their applications to heterogeneous cloud architectures.
  • The hybrid-cloud market is going to be worth $1 trillion.
  • Obviously, any flaws in these assumptions would weaken the premise for the deal itself. Let’s examine each.

    3.1 FIRST ASSUMPTION: SOMETHING OPEN, SOMETHING UNIQUE?

    Ginni Rometty offers investors the following customer requirement as a basis for the marriage with Red Hat:

    “…The number one thing [customers are] saying to us is, hey, we – these other clouds, they’re proprietary. We want an open solution [with] no lock-in. So move it across multiple cloud environments with no lock-in, [that’s] what the two of us do together…And then they say, it has got to address data security in a multi-cloud environment and then give us a way to manage a multi-cloud environment.”

    There are a few things to unpack here. Ms. Rometty suggests that “other” clouds are proprietary and there is a customer requirement for “an open solution”. I don’t exactly understand what she’s getting at here. She implies in the quote that customers get “locked in” with (certain) cloud environments; but, instead, these customers want to be able to move their applications easily from cloud to cloud. I am scratching my head because what Ms. Rometty’s “customers” are calling lock-in seems to be related to their application architecture, and not the cloud environment they are running on. A poorly designed cloud application will be challenging to move no matter what cloud it is running on. The converse is also true: a well-designed cloud application will be easy(ier) to move from one cloud to another. I imagine many readers are familiar with the concept and technology of containers, such as Docker. For readers that may be unfamiliar with the term, I offer a simple if slightly imprecise explanation: containers provide a way to package all the “parts” that an application needs to run:

    Illustration of Container Concept

    Source: Docker/Datamation

    As we see in the illustration above, a container can “contain” whatever an application needs to operate. In a bit of an over-simplification, if we want to move a containerized-application from one cloud to another, we just “lift” the container up from its existing cloud and drop the container on the new cloud. Readers who may not be familiar with Docker and its container technology might be interested to note that it began as, and is, an open-source software project; the company also raised capital in late 2017 at a $1+ billion valuation.

    So, expanding on the utility of containers:

    “Traditionally, applications or workloads generally had to be rebuilt before they could be migrated to another environment. The solution to this is container technology. Since containers are isolated from neighboring containers and include everything they need to run the application, you can easily move them to another [cloud] environment without compatibility problems.”

    Source: Kumina

    As this Datamation article notes, “it was…the…users [of cloud services] who demanded that this technology exist within public clouds that drove the [container] innovations that now exist.” In other words, users wanted an easier way to package and move their applications between clouds; and that in turn spurred the public cloud providers (AWS, Azure, Google, IBM, etc.) to provide container deployment features and services.

    One final point to make about containers is that applications may consist of several containers, in which case container orchestration software is used to automate and simplify the management of all those containers. Kubernetes, another open-source project originally started at Google, is one of the popular orchestration systems (with Docker Swarm as an example of another).

    Coming back to Ms. Rometty’s point that customers don’t want to be “locked in” and instead want to be able to move applications across multiple cloud environments, they (customers) can certainly do that today if they design and deploy their applications appropriately, with containers as an example of one technology that can be quite useful. She, in fact, makes this very point stating “…[We] have been building and we have been very focused on hybrid and multi-cloud…based on open technologies. So we’ve built on containers, Kubernetes…[and] multi-cloud manager was just announced last week…” But, let’s be clear: the other major cloud service providers (e.g. Amazon, Microsoft, etc.) also offer container and container orchestration services. Thus, the IBM Cloud is not purely differentiated on this point; yet, with the Red Hat acquisition, IBM does obtain Red Hat OpenShift which offers value-added functionality built around Docker and Kubernetes. While there was no detailed discussion on the analyst call, perhaps IBM believes that its existing container management and cloud management services will be augmented in such a way by OpenShift as to leapfrog the competition when using the “married” technologies for multi-cloud environments. But, if that’s true, why not specifically talk about the capabilities that the combined companies will have that will be superior to others?

    Frankly, it seems to me that IBM’s existing cloud capabilities added to OpenShift are not going to be a massive “game changer”. First of all, any integration between IBM’s cloud technology stack and Red Hat’s will take some time; time which competitors will certainly use to their advantage to ensure they are not left behind. Second, I’ve already noted that OpenShift is based on Docker and Kubernetes which means Red Hat’s value-add is built around the same core used by many others; but, the competition has and will continue to develop similar value-added offerings as well. Third, if there was some “killer” set of cloud functionalities that the combined stacks would generate, I’d like to think the companies would have made that clear; but they have not (at least not yet). Fourth, there is nothing that “ties” OpenShift to the IBM Cloud; consider that Red Hat’s own OpenShift deployment “offerings” page – which I captured shortly after the deal announcement – actually highlights AWS as a deployment platform:

    Red Hat OpenShift Deployment Tiers

    Source: Red Hat

    Now, Red Hat also offers OpenStack, based on another set of open-source technologies, which can be used by companies to build out their own private clouds and has synergy with Ansible, Red Hat’s language for DevOps. OpenStack therefore supports IBM’s initiatives around hybrid-cloud deployments. However, as with OpenShift, I’m not completely convinced that putting this solution under an IBM umbrella is going to lead to a highly differentiated offering, nor to a sudden acceleration of private cloud adoption among enterprise customers. First off, IBM already had its own solution stack in this area, IBM Cloud Private. Given that IBM expressed such bullish sentiment about the hybrid-cloud market on the analyst call, I’m actually a little surprised this specific solution offering was not mentioned during the call. Assuming the hybrid-cloud area is as “hot” as IBM suggests, one might expect that IBM Private Cloud has been selling well; why not call attention to the technology then? This is perhaps a subtle point and could be an improper extrapolation on my part, but it leads me to wonder if the hybrid-cloud market is as strong as IBM suggests it is, and will be. Also as the previously linked article notes, IBM is not alone with an offering here, nor were they “first” to market with one. Microsoft introduced Azure Stack over a year before IBM brought its competing solution to market. IBM might argue that Azure Stack, as an example, is proprietary whereas their open-source platform gives customers all the freedom and benefits that open-source solutions provide. It’s a worthwhile argument, and it may more strongly support Ms. Rometty’s comment that customers don’t want to be locked-in. After all, with an open-source-based private cloud platform, a customer can modify and extend it as they desire, which obviously is not possible to the same extent with a closed solution. It would have been helpful if IBM offered some data points to understand if a trend toward open-source exists within the hybrid-cloud market, and specifically for private-cloud deployments. In the absence of details, I am left somewhat skeptical that Red Hat OpenStack is going to materially change the “strength” of IBM’s hybrid (private/public) cloud offering.

    If we tie all of this back to Ms. Rometty’s quote at the beginning of the section, it seems to reinforce that customer comments around “an open [cloud] solution with no lock-in” seem somewhat invalid when considering the technologies (e.g. containers, orchestration) that have already evolved to provide cloud users with the application portability that they desire. The comment has greater validity when one considers the architectural possibilities of a private cloud within a hybrid-cloud environment; but, as I argue above, there seems to be a lack of data which would suggest clients lean toward non-proprietary (e.g. open-source-based) private cloud deployments.

    To summarize, I don’t (presently) see anything truly unique that emerges through a combination of the two companies’ cloud stacks. To be fair, the companies need time to develop tightly integrated solutions, and IBM is yet to apply the power of its development organization against Red Hat’s technologies. But, if I’m right that “there is not a lot to see here” in terms of the joint stacks, this insight would, of course, directly undermine Ms. Rometty’s suggestion that the two organizations will be a clear leader, particularly in hybrid-cloud solutions.

    3.2 SECOND ASSUMPTION: CUSTOMERS ARE JUST GETTING STARTED

    Ms. Rometty mentions, more than once, that we are entering a second phase of cloud adoption (“chapter 2” as she calls it). In the first phase, customers moved their “easiest” workloads to the cloud with a cost-savings focus. These workloads represented the familiar Pareto-rule 20% of customer applications; and thus, 80% of applications remain to be transitioned to the cloud. Ms. Rometty states:

    “[Customers have] got to move [these remaining 80% of applications]. They either have to rewrite, refactor, decide what goes where, secure the data. These are inhibitors that stop them from going [to the cloud]. So this is only going to be achieved this move to the 80%, if you can move data and applications across multiple cloud[s], make that portable…”

    She continues…

    “But this is an inflection point, and if [customers are] going to get past that and move the other 80% which is about all their processes and their data they need what we’re going to offer together, this robust environment. And so this 80% is…about…unlocking business value…the average clients has a thousand application[s] and the average client already has 5…that we see some as many as many as 16 clouds.”

    The first comment, “[customers have] got to move…”, is worth debating. Logic tells us that not all applications are necessarily a good fit for a cloud deployment for any number of reasons: required dependencies are not easily replicated in a cloud environment, security concerns, lack of cost-savings, etc. So, customers certainly do not have to move the bulk of their applications to a cloud architecture. Although, perhaps Ms. Rometty is playing a bit with her words, and is saying with a bit of “dressing” that the trend toward cloud adoption will continue…which it clearly will.

    But, I think there is room to challenge what she says in the next few statements. She explains that “[customers] either have to rewrite, refactor, decide what goes where…” Indeed, IBM and other technology providers will, as they already have, be afforded with opportunities to help customers migrate certain applications to cloud environments. That’s good news for IBM’s very large service business, and there is reason to think the services group will benefit somewhat from the Red Hat purchase. These opportunities almost certainly grow in scope and revenue/profit potential to the extent that these applications are migrated to highly distributed models running on (possibly) heterogeneous cloud platforms (e.g. multi-cloud). So, I think Jim Kavanaugh, IBM’s CFO, correctly stated that “[distributed cloud solutions] accelerates our mix shift to higher value...and is accretive to our gross profit margin…”

    But, there is a counter-argument to consider here. Rather than rewriting/refactoring existing legacy applications, customers may instead opt for “off-the-shelf” solutions (SaaS or otherwise) which may prove to be more cost-effective, modern, and easier to maintain. For example, Salesforce.com (CRM) and Workday (WDAY) certainly didn’t achieve their market penetration because customers opted to redesign any homegrown CRM and HR applications respectively. Unfortunately, IBM doesn’t discuss the COTS approach and its potential impact on their projections for growing their cloud related revenues.

    Moving to IBM’s claim that multi-cloud environments will be more prevalent in the future, as per Ms. Rometty’s statement that “the average client already has 5 [clouds]…”, there is some data to backup what the company is saying here: a TechRepublic survey from 2017, for example, noted that the majority of companies surveyed had already adopted a hybrid-cloud architecture. But, we know that IT tends to move in cycles. Think about what happened with the client-server computing paradigm where “server sprawl” eventually gave way to server rationalization and a push for homogeneity among systems. Is it not possible that we may see something similar with cloud, where customers “wake up” one day and ask themselves why they have 5 clouds when they might be able to operate with 1? Consider one of the main specifications for the Pentagon’s current $10 billion JEDI cloud project: they are (for the moment) insistent that the project award and associated computing workloads will go/run on a single cloud. As readers may know, IBM is one of the bidders on the project and formalized their objection to the Government Accountability Office (GAO) for the requirement of a homogenous cloud environment. Assuming the Pentagon gets its way and is successful with its deployment, if the Department of Defense (DOD) can operate on a single cloud, then why does a given company need upwards of 16 clouds (using the “extreme” example from IBM’s quote)?

    The overarching theme here is that Ms. Rometty’s position that the “remaining” 80% of legacy customer applications are just waiting to be moved into a multi-cloud environment has weak points. Even if it were strong, I’m not sure IBM needed to spend $34 billion on Red Hat to capture these opportunities. I already argued in the previous section that IBM had existing capabilities in the same cloud technology areas where Red Hat operates. If we think about Ms. Rometty’s comment about “rewriting/refactoring”, what does Red Hat offer here that IBM does not already have? This is work that sits squarely in the domain of IBM’s services group; a group that could “plug in” Red Hat’s technology, or any other cloud technology, where it makes sense based on customer requirements.

    But, the Red Hat acquisition aside, if it turns out that multi-cloud architectures eventually “reduce” to simpler, single cloud environments which provide sufficient robustness and reliability to meet most customer requirements, then this “cloud rationalization” could have a dramatic impact on IBM’s top-line and bottom-line growth forecasts since the company is tying both metrics specifically to its opportunity with “high-value” multi-cloud solutions.

    3.3 THIRD ASSUMPTION: IS $1 TRILLION FOR HYBRID-CLOUD REALISTIC?

    Ms. Rometty asserts that the market for hybrid-clouds will grow to over $1 trillion. She states:

    “And to lead in the second chapter, this is going to be about hybrid-cloud. In hybrid-cloud is an emerging $1 trillion market…I mean what we did was look and we see a scale of a $1 trillion market…We said to ourselves and constantly kept saying: What can we do better to address the needs of our clients? How do we accelerate our ability to go after that? And knowing and there’s really an important point, knowing that Linux is the fastest growing platform out there. And this just this year, it became the number one platform both on-prem and in the cloud.”

    During the analyst call, there was no mention of exactly when the market for hybrid cloud is expected to reach $1 trillion in value, nor the CAGR for this specific segment of the overall cloud market. I struggled to find good data in support of IBM’s projection here, although Market Research Media offers a forecast of $1 trillion for the entire cloud market by 2024. Interestingly, the Market Research Media report synopsis highlights the fast growing/high priority technology segments within the cloud market, but multi-cloud and hybrid-cloud are not mentioned in that context. This article, which was referenced in Section 3.1, quotes IBM in 2017 as saying “they expect companies to spend more than $50 billion a year worldwide starting [in 2017] to develop private clouds, with the growth rate hitting 15 to 20 percent a year through 2020.” Using those figures as a proxy for the overall hybrid-cloud market, it would obviously take quite some time to reach $1 trillion in total value even at the high end of the growth range.

    One thing technology leaders seem to be particularly good at is coming up with very large numbers when describing their total addressable market (TAM). Admittedly, I’m not sure if IBM’s estimate is realistic here or not since…who really knows right now how big the hybrid-cloud market could become? In support of IBM’s forecast, the previously mentioned article notes that “earlier [in 2017], IDC analysts released a survey that indicated that almost 80 percent of large organizations with 1,000 or more employees already have a hybrid cloud strategy in place. In addition, 51.4 percent are using both public and private cloud infrastructures, and 29.2 percent expect to do the same within the next year.” These metrics are useful to support IBM’s argument, but they could also be interpreted to suggest that most large customers already have a hybrid-cloud in place, and thus new hybrid-cloud deployments could actually decrease moving forward. Further, if we recall the discussion in Section 3.2 around customers opting for COTS/SaaS applications, as well as the possibility that single cloud architectures could ultimately establish themselves as the dominant model, then it’s conceivable that a $1 trillion hybrid-cloud market may not materialize.

    4.0 CONCLUSION

    “Whoa” was supposedly Steve Ballmer’s (former Microsoft CEO) reaction upon hearing about the IBM-Red Hat deal. Perhaps that single word best describes the current sentiment of many others.

    The main thrust of what I’ve presented in this article is that I am still struggling to understand what key technologies IBM gets with Red Hat that they didn’t already have, and why they felt they needed to spend 1/3 of their market cap on a company that is only generating a few hundred million in cloud solution revenue (although their growth rate is high). Still, the “math” doesn’t add up for me, although perhaps it will in time as IBM and Red Hat better explain their unique value proposition.

    Readers may rightfully point out that I’ve ignored the prospects for Red Hat Linux and their middleware stack under IBM in my analysis. In regard to the latter, I think IBM’s ownership of Red Hat’s middleware stack is likely to create some confusion, at least in the short term. IBM and Red Hat will obviously have to figure out how to position WebSphere versus JBoss. And as other authors have suggested, Red Hat Enterprise Linux (RHEL) might eventually supplant AIX as IBM’s de facto UNIX distribution. The related migration work would presumably drive a fair amount of technology and support services. Ms. Rometty noted in one of the previously mentioned quotes that Linux is the fastest growing operating system in the cloud and on-premise. But, note that she did not say that RHEL is the fastest growing Linux distribution. To that end, there is some data suggesting that Ubuntu is growing faster in the enterprise Linux segment. Without more data from IBM and Red Hat, it’s really quite challenging to quantify the impact of Red Hat’s Linux and JBoss product sets to IBM over the long-term.

    As mentioned, I expect that IBM and Red Hat will provide greater clarity on the strategic value-add of the 2 companies as we move into 2019, and how they intend to combine their stacks to better compete against the likes of AWS, Microsoft, and Google. I hope they do; because clearly investors will send the stock lower (than it already is) if most become convinced the sum of the companies lacks incremental value. Yet, even as IBM/Red Hat provide additional details to the market, as I’ve outlined herein there are several counter-arguments which undermine the assumptions that this deal is predicated upon. In my view, the calculus of the cloud stays the same for the time being.

    Supporting Documents

    ibm_redhat_acquisition_transcript.pdf

    Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

    I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.


    Making Sense Of Multiples: Mauboussin On EV/EBITDA | killexams.com real questions and Pass4sure dumps

    Michael Mauboussin is currently the Director of Research at BlueMountain Capital Management. Michael recently published a widely circulated paper discussing the merits and pitfalls of the usage of EV/EBITDA in valuation work.

    Before his current role at BlueMountain, Michael was the Head of Global Financial Strategies at Credit Suisse and the Chief Investment Strategist at Legg Mason Capital Management. He has also authored multiple books, and a wide variety of articles in publications including the Harvard Business Review, The Journal of Applied Corporate Finance.  

    Kevin Harris from SumZero sat down with Michael to further discuss his thoughts on use of the EV/EBITDA multiple, value investing, and his career as an investor.

    Michael MauboussinBloomberg

    Kevin Harris, SumZero: In a recent interview with Business Insider, you commented that “multiples are shorthand for the valuation process.” Could you expand upon the blind spots caused by an over-reliance on multiples in the valuation process?  

    Michael Mauboussin, BlueMountain Capital Management: Let’s start at the very beginning. When we invest, we defer current consumption in order to consume more (after taking inflation into account) in the future. Most investment opportunities don’t guarantee that you’ll have more in the future than you do today, but that’s the motivating driver.

    So it follows that the value of any financial asset is the present value of future cash flows. Say you buy a bond from a company. You give the company $1,000 and it is contractually obligated to pay you coupons in a timely fashion and to return your principal at maturity. The coupon reflects the risk of the investment and the maturity tells you about the timing.

    The value of a stock is based on the same principle. The problem is that there is no coupon or maturity. Even dividends are at best a quasi-contract. The intellectually correct way to value stocks is similar to bonds, and that is a discounted cash flow (DCF) model.  

    The problem is that while the DCF model is analytically sound, it demands a number of judgments. And the model’s output varies greatly based on the inputs. Now there are ways to deal with this challenge, but most practitioners choose to avoid a DCF model altogether and instead use shorthands in the form of multiples.

    Shorthands are helpful because they save time. But the tradeoff is that shorthands commonly come with blind spots. Popular multiples, including price-earnings (P/E) and enterprise value-to-earnings before interest, taxes, depreciation, and amortization (EV/EBITDA) have a number of limitations but the main one is that they fail to account for capital intensity—be it working capital, capital expenditures, or acquisitions.

    That means that two businesses can have the same growth in earnings or EBITDA but very different capital needs. The company that needs less capital to grow will be more valuable because there will be more cash available to distribute to shareholders. The market tends to get this, but some businesses may screen cheap or expensive even when the multiple is an accurate representation of the underlying economics.

    Harris: In several past papers, you’ve touched upon base rates as a powerful mental model you see as underutilized in investment management. How can investors best understand and implement the concept of base rates and mean regression in security analysis?  

    Mauboussin: This is one of the most powerful, and underutilized, ideas in forecasting in general and investing in particular. The basic idea is that there are a couple of ways of thinking about a problem or prediction. The first way, which is often what we do, is to gather lots of information, combine that with your own experience and input, and project into the future.

    Ask a student when their term paper will be complete, a homeowner when their kitchen renovation project will be done (and what it will cost), or an investor how a stock will appreciate—you’ll find that most use this approach.

    The second way is to consider what happened to others when they were in the same, or a similar, situation. This is the base rate. So rather than asking “what will this company’s sales growth rate be?” you can ask, “What is the distribution of growth rates for all companies of this size?” This is formally called reference-class forecasting.

    Let me add quickly that using base rates is very unnatural for two reasons. First, you have to set aside the information and experience you’ve gathered. We tend to hold our own thoughts in high esteem. Second, you have to find the base rate, which may not be at your fingertips.

    In order come up with an accurate forecast you want to intelligently combine your own view with the base rate. How you do that effectively also provides a great deal of insight into regression toward the mean.  

    We need to add the idea of persistence. Specifically, how we measure the correlation between one metric over two periods of time. correlated is a measure of performance over time. For example, if you measure year-over-year sales growth rates over time, you’ll see the correlation is about 0.30. That’s the base rate.

    Positive correlations can range from zero to 1.0. Zero means there is no correlation (results are random) and 1.0 means the two measurements are perfectly correlated. When correlations are close to zero, luck tends to be the dominant force. When correlations are close to 1.0, skill tends to be the dominant force.    

    So here’s the really cool insight: The correlation tells you how much of the base rate, versus your own assessment, you should use for your forecast. If the correlation is zero, you place all of the weight on the base rate. If the correlation is 1.0, you can rely on your own assessment. If you think about this a bit, you can see that it is also telling you about the rate of regression toward the mean. Low correlations are consistent with rapid regression, and high correlations are consistent with slow regression.  

    Let me give you one example from the world of sports. The correlation between batting averages for players in Major League Baseball from one year to the next is about 0.4. The overall batting average for the league is around .250. So if a player hits .300 for a season, a good prediction for the subsequent year would be .270 (.250 x 0.6 + .300 x 0.4).

    You can now take this mental model and apply it to investing. Gross profitability and operating profit margins tend to have high correlations. This, of course, varies by industry. Net income growth tends to have a very low correlation. Return on invested capital is in the middle of those. These base rates and the regression toward the mean they imply can be very helpful for an investor trying to model a business.

    Harris: In your “Managing the Man Overboard” and “Celebrating the Summit” papers, you discussed exceptionally detailed frameworks to approaching rapid stock price inclines and declines. You’ve also mentioned your interest in Atul Gawande’s “The Checklist Manifesto” in multiple interviews. Do you have similarly detailed and structured checklists or heuristics for other parts of your investment process?  If so, which do you rely on most?

    Mauboussin: Checklists are demonstrably valuable in many fields, including aviation and medicine. Atul Gawande makes a very useful distinction between DO-CONFIRM and READ-DO checklists. DO-CONFIRM checklists ensure that execution is thorough. You basically do your job and stop periodically to make sure you’ve been methodical. READ-DO checklists are for emergencies. The checklist writer has anticipated certain types of problems and potential solutions. So you need only read the checklist and do what it says. “Managing the Man Overboard” is an example of a READ-DO checklist.

    In my experience, many fundamental investors tend to shun checklists and feel they are constraining. Here’s my take: Being a good investor requires mastery of certain building blocks, including valuation, competitive strategy assessment, and evaluating a management team’s capital allocation skills. It’s like being a great tennis player. You need to have a solid forehand and backhand, footwork, and serve. The basics have to be rock solid. So, too, in investing. Checklists are valuable for those building blocks in investing. So our work in those areas always includes a checklist.

    The actual tennis match includes combining those building blocks to win a match. Likewise, successful investing requires applying tools effectively in order to generate excess returns. I have found that the checklist is most effectively applied to the building blocks of an investment thesis. That allows for good process and permits the investor to exercise some judgment in the investment process.

    Harris: A recent letter of Greenlight Capital’s aptly summarized the tension between rigidity and flexibility in investing: “we have been accused of being stubborn, but one person’s stubbornness is another person’s discipline.”. What is your advice for value investors balancing between flexibility and discipline in the investment process?

    Mauboussin: This is very challenging, and to some degree is tied to time horizon. But the best advice is to become a good Bayesian updater. That is, be good at updating your prior view as new information reveals itself.

    From a practical standpoint, there are some things you can do to make this process more transparent. For example, a good investment thesis means that your expectations for the future are distinct from what is priced into a security. If your expectations are different, you should be able to articulate what will happen to reshape market expectations. Call them signposts—events that indicate whether your thesis is on track.

    You should write down, in advance, the signposts that are central to your thesis and make them statements that include probabilities and a time period. (There is a 70 percent probability that ABC Corporation’s operating profit margin will increase by 500 or more basis points in the fourth quarter but the market expects flat margins.)

    As you pass these signposts, you have to be brutally honest as to whether the results are consistent with your thesis. And you have to avoid thesis creep, which is altering your justification for an investment after your original thesis didn’t play out.

    The signpost is the prior, and the information prompts the update. When information disconfirms the thesis, you should change your mind. When it doesn’t, you can maintain your view. That is one way to manage stubbornness and discipline.   

    Harris: In a recent interview of yours featured in Graham and Doddsville, you detailed the two ways that doctors make mistakes - ignorance and execution.  What are the most common execution related mistakes that investment managers make? How can these be avoided?

    Mauboussin: I’ll mention two high level mistakes. The first is one I’ve talked about a lot: the failure to distinguish between fundamentals and expectations. Your job as an investor is to figure out when the market’s expectations are unduly high or low. One analogy is pari-mutuel betting at the horse race track. You don’t generate excess returns by picking winners; you win by figuring out which horse has odds that misspecify the horse’s chances of winning.

    The big mistake is to focus too much on fundamentals. When things are good, people want to buy. When they are bad, people want to sell. But great investors separate what’s priced in from what’s going to happen. Almost all investors think they are doing this, but very few actually do.

    The second mistake is a lack of congruence between actual process and espoused goals. There are a lot of ways to beat the market but you have to make sure that every aspect of your process is dedicated to what you are trying to do. For example, many money managers claim to have a long time horizon but the turnover in their portfolio is much higher than what would be consistent with that time framework. They say one thing and do another.

    Investment managers should periodically step back and ask whether what they are doing is likely to generate excess returns over time and, if so, whether their process fully serves that goal. I think many firms suffer from a lack of congruence—they say they are playing one game but are actually playing another one.    

    Harris: A recent S&P report identified a representative sample of US companies as having missed self-projected EBITDA numbers on average by 29% and 34% in the last two years. What are your views on the rampant use of add-backs and inaccurate projections of EBITDA?

    Mauboussin: Companies generally try to make their results look good. This is especially true when incentive compensation, or access to credit markets, is tied to certain metrics. There is not much new with this.

    The antidote to this is to focus on free cash flow—the difference between a company’s earnings and the capital it needs to invest in the business to secure future growth. At the end of the day, free cash flow is the money available for distribution to the claimholders. And that is the lifeblood of value.  

    Harris: All else equal, should more leverage mean a higher EBITDA multiple, given that more debt vs. equity drives down the cost of capital?  Or do you prefer to apply a risk discount for higher leverage to offset the benefit of the lower cost of capital?

    Mauboussin: This is classic finance theory. John Graham wrote a highly-cited paper on this. More leverage lowers the cost of capital up to a point, after which the effect is reversed as the risk of distress looms larger. I would also add that the benefit of debt is more muted in a world with lower corporate tax rates.

    Harris: Exhibit 9 of your recent “What Does an EV/EBITDA Multiple Mean?” paper demonstrates the strong correlation (r = .79) between EV/EBITDA and P/E multiples between the top 1500 US industrial companies. However, some companies with similar EV/EBITDA multiples have P/E multiples that diverge significantly.  What plays into the divergence between the two, and when should analysts rely on one multiple or the other?

    Mauboussin: There are a few reasons that these multiples can diverge. One example is assumed asset life. Imagine two competitors that make the same capital outlay but that assume different asset lives. The earnings of the company choosing a longer asset life will be higher than that of the company that chooses the shorter asset life even as the EBITDA is identical.

    A company’s capital structure can also affect the P/E multiple. Consider the simple case of a debt-financed share buyback program, which serves to increase leverage by replacing equity with debt in the capital structure. The earnings per share impact of the buyback is a function of the P/E multiple and the after-tax cost of new debt. Whether a buyback adds to or detracts from earnings per share is independent of whether it adds to or detracts from value but it does affect the multiple.

    Multiples can also vary as the result of different tax rates, which have an impact on enterprise value and earnings but not on EBITDA. Finally, some companies have unconsolidated businesses or cross holdings that may factor into a calculation of enterprise value but can distort earnings or EBITDA.

    As always, you want to look through cosmetic differences or adjustments to truly understand the economics of the business.

    Harris: Could you expand upon the limitations investors and management encounter using the EV/EBITDA multiple?

    Mauboussin: EV/EBITDA can be useful but there are a number of pitfalls. The first is that there is not a proper reflection of the investment needs of the business, a point we’ve already touched on. The risk in using EBITDA is that it understates the capital intensity of the business and overstates the amount of cash a company can distribute.

    The second pitfall is that multiples in general do not explicitly reflect business risk. Operating leverage, the percentage change in operating profit as a function of the percentage change in sales, is a useful measure of business risk. Higher risk justifiably leads to a lower multiple, but the risk is implicit.

    The final problem has to do with taxes. Two companies with the same EBITDA and capital structures may pay taxes at dissimilar rates. As a result, the EV/EBITDA multiples will be justifiably different.

    Harris: What are your biggest takeaways from having taught security analysis at Columbia Business School since 1993?  How has teaching informed and impacted your investment career?

    Mauboussin: In my experience, teaching is helpful in two very important ways. The first is that teaching compels introspection. Imagine someone saying to you, “Prepare 20 hours of lectures on what you do all day.” Your first reaction might be “That’s not so hard, I just have to watch myself and document what I do.” But if you are at all thoughtful, the question of “What am I doing?” becomes “Why am I doing it this way?” And that launches a quest to think about your process in a more rigorous and systematic way. Because my course and my day job overlap enormously, there is a great benefit for me to think a lot about how I approach my career.

    The second benefit is that teaching compels clarity of thought. Many have said that you don’t understand a topic unless you have written about it, or taught it, effectively. I subscribe to that view. I have encountered many personal beliefs that I thought I understood but didn’t really understand until I put pen to paper or included them in a lecture.

    Working with students who are bright, engaged, motivated, and critical is a great way to sharpen clarity of thought and to improve communication skills.      

    Harris: What advice would you have for managers or analysts at the beginning of their careers?  What or who had the biggest impact on you?

    A great quality, no matter what career you select, is curiosity. So the advice I would give is to find something that sparks your curiosity and start—and don’t stop—learning. In investing, a lot of learning comes through reading. Most of the great investors I know are avid readers. And they don’t limit their material to business books but rather expand it to other domains.

    I have been incredibly blessed to have been exposed to some great thinkers who have had a deep influence on me. First I would mention Al Rappaport, a mentor, friend, and collaborator who has taught me a lot about investing and about how to live and think well. Bill Miller, a legendary investor, taught me a lot about how to learn, the importance of temperament, and how ideas for different fields can bear fruit in investing.

    My association with the Santa Fe Institute has also been deeply influential. The combination of ideas and people, with the study of complex systems at the core, has enriched my thinking in almost all corners of my career. I would finally mention Charlie Munger, Vice Chairman at Berkshire Hathaway, who was one of the first investors to discuss biases and the value of a mental models approach to investing, business, and life.


    Latest supercomputer runs Red Hat Enterprise Linux (RHEL) | killexams.com real questions and Pass4sure dumps

    On Oct. 26, the National Nuclear Security Administration (NNSA) — part of the Department of Energy — unveiled the latest supercomputer. It's named Sierra and is now the third-fastest supercomputer in the world.

    Sierra runs at 125 petaflops (peak performance) and will primarily be used by the NNSA for modeling and simulations as part of its core mission of ensuring the safety, security, and effectiveness of the U.S.'s nuclear stockpile. It will be used by three separate nuclear security labs — Lawrence Livermore National Labs, Sandia National Laboratories, and Los Alamos National Laboratory. And it's running none other than Red Hat Enterprise Linux (RHEL).

    Sierra is also NNSA's first large-scale heterogenous system, referring to the fact that the system uses both CPUs and GPUs to accomplish its processing tasks.

    Sierra is the third-fastest supercomputer, according to the latest TOP500 list, and is expected to be six to 10 times more capable than LLNL's 20 petaflop Sequoia.

    Each node in the system incorporates both IBM CPUs and Nvidia graphical processing units (GPUs). Designed for modeling and simulations, it is expected to start its use as a production system early in 2019.

    According to John Kelly, senior vice president, Cognitive Solutions and IBM Research. “IBM's decades-long partnership with LLNL has allowed us to build Sierra from the ground up with the unique design and architecture needed for applying AI to massive data sets. The tremendous insights researchers are seeing will only accelerate high performance computing for research and business.”

    Why Linux?

    While Linux enthusiasts might find it encouraging that Sierra runs RHEL, they may be more excited to learn that Linux is now running on all of the supercomputers included in the TOP500 list mentioned above. If you find this surprising, consider the number of CPUs in use, the fact that Linux is (mostly) free, and the tremendous flexibility and security that's derived from being able to access and, as needed, modify the source code. Other operating systems cannot begin to compete.

    How big is big?

    Sierra occupies 7,000 square feet of floor space with its 240 computing racks and 4,320 nodes. Each of those nodes consists of two IBM Power 9 CPUs and four Nvidia V100 GPUs with a Mellanox EDR InfiniBand interconnect.

    What's next for supercomputers?

    The next goal is to build computers in the "exascale" class, according to Department of Energy Secretary Rick Perry.

    “In just a few short years, we expect to see exascale systems deployed at Lawrence Livermore, Argonne and Oak Ridge (national laboratories), ensuring our global superiority in this arena for years and decades to come,” Perry said. “Starting with Sierra, this new generation of supercomputers will be an absolute game-changer for the world.”

    Exascale refers to computing systems that are capable of performing at or in excess of one exaFLOP -- a billion billion calculations per second — and would represent a thousand-fold increase over the petascale systems that went into operation only 10 years ago.

    gigaFLOPS GFLOPS 109 teraFLOPS TFLOPS 1012 petaFLOPS PFLOPS 1015 exaFLOPS EFLOPS 1018

    Note that each increase in the units represents a thousand-fold increase over the previous one.

    NNSA hopes to step up to exascale with a system called El Capitan in 2023. In terms of FLOPs, that system should be about 10 times as powerful as Sierra. It is also expected to be another heterogenous system aimed at machine learning and artificial intelligence.

    Join the Network World communities on Facebook and LinkedIn to comment on topics that are top of mind.


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    IBM 000-013 Exam (Applying Fundamentals of Enterprise Solutions Using IBM) Detailed Information



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